Breaking News

You are here » Indian-Commodity  :  Equity & Shares  :  Lumax Auto Technologies rises on inking joint venture agreement with FAE

28-Aug2017

Lumax Auto Technologies rises on inking joint venture agreement with FAE

Lumax Auto Technologies is currently trading at Rs. 528.60, up by 9.00 points or 1.73% from its previous closing of Rs. 519.60 on the BSE.

The scrip opened at Rs. 530.00 and has touched a high and low of Rs. 530.00 and Rs. 525.70 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 584.00 on 13-Jul-2017 and a 52 week low of Rs. 375.60 on 16-Nov-2016.

Last one week high and low of the scrip stood at Rs. 530.00 and Rs. 480.00 respectively. The current market cap of the company is Rs. 720.56 crore.

The promoters holding in the company stood at 55.64%, while Institutions and Non-Institutions held 20.38% and 23.98% respectively.

Lumax Auto Technologies has signed a joint venture agreement with Francisco Albero S.A.U., (FAE) Spain to manufacture and supply Oxygen Sensors to the Indian automotive industry. Lumax Auto Technologies will own the 51% of the joint venture company, Lumax FAE Technologies, with FAE owning the remaining 49%.

The JV company will make an initial investment of Rs 14 crore for an installed capacity of 2 million Oxygen Sensors, and the production is expected to commence from early 2019. With this move, Lumax FAE Technologies will be a key supplier for technologically advanced, innovative & affordable Oxygen Sensors (O2) for the India market, with further scope for expanding the product line.

Further, the new entity, Lumax FAE Technologies, will invest both in development and localization of manufacturing capability to become the pioneer supplier of this product in India.



Related News

View all news

SBI Life shines on reporting 15% rise in Q3 net profit

SBI Life Insurance Company is currently trading at Rs. 635.45, up by 15.65 points or 2.53% from its previous closing of Rs. 619.80 on the BSE.The scrip opened at Rs. 621.00 and has touched a high and low......

Reliance Industries zooms on the bourses

Reliance Industries is currently trading at Rs. 1219.00, up by 36.05 points or 3.05% from its previous closing of Rs. 1182.95 on the BSE.The scrip opened at Rs. 1193.90 and has touched a high and low of......

Infosys surges on the BSE

Infosys is currently trading at Rs. 746.30, up by 15.30 points or 2.09% from its previous closing of Rs. 731.00 on the BSE.The scrip opened at Rs. 733.00 and has touched a high and low of Rs. 750.70 and......

Top News

View all news

Glenmark Pharma recalling 96,240 applicators of its product from US

Glenmark Pharmaceuticals is recalling 96,240 applicators of its product Estradiol vaginal inserts for defective delivery system. The USFDA has termed it as a Class-II recall. The USFDA has classified Class-II......

Infosys hires over 7,600 staff in US

Infosys has hired over 7,600 staff in the US. This hiring is more than three-fourth of its target of recruiting 10,000 American workers. The company is making recruitment from local schools a 'sustained......

SBI to sell 26% stake of SBI payment services

State Bank of India (SBI) is planning to sell 26% stake of its SBI payment services (SPSPL) to Hitachi Payment Services (HPY). After allotment of the shares, SBI shareholding in SPSPL will become 74% from......